The cabinet has approved tax measures to promote fundraising through investment tokens.
According to Kulaya Tantitemit, director-general of the Revenue Department, the weekly cabinet meeting on Tuesday approved a draft royal decree issued under the Revenue Code, stipulating that individuals who receive income, shares of profits or other benefits derived from holding or possessing digital tokens for investment (investment tokens) and already had a 15% withholding tax deducted can choose not to include such income in the calculation of personal income tax.
The ruling applies only if an individual does not request a refund of the deducted tax or does not claim a deducted tax credit, either in full or in part.
Ms Kulaya said such tax measures, effective from Jan 1, aim to promote fundraising through investment tokens, enhancing Thailand's competitiveness as a hub for capital mobilisation.
She said investment tokens offer another tool for businesses to raise capital.
This measure is expected to increase Thailand's competitiveness in capital mobilisation, said Ms Kulaya.
The move should have positive effects on investment and employment in the country, she said.
The funds raised through such mobilisation can contribute to the continued development of the Thai economy, said Ms Kulaya.
The Securities and Exchange Commission anticipates capital mobilisation via investment tokens to reach 18.5 billion baht this year.
In a related development, the cabinet also approved tax measures to promote art purchases and support artists, as well as classic cars.
According to Pornchai Thiraveja, director-general of the Fiscal Policy Office (FPO), individuals who buy art, such as paintings or sculptures, can exclude the amount spent in the calculation of their income tax.
The exclusion is limited to 100,000 baht per tax year and is valid until Dec 31, 2026.
As part of a tax initiative aimed at supporting creative artists, artists can benefit from an enhanced deduction in expenses from their income, rising from 30% to 60%. This measure is classified as an enduring tax incentive.
The cabinet also approved the reduction or exemption of import taxes on art to ease production costs and reduce expenses for importing art for national and international art exhibitions in Thailand. The details and relevant agencies involved will be discussed in further detail later, said the FPO.
For the tax initiative aimed at promoting classic cars, Mr Pornchai said the Finance Ministry suggested exempting the Commerce Ministry prohibition of importing second-hand classic cars. Excise taxes will be levied at a rate determined later, he said.